MISC Annual Report 2017

MISC BERHAD | Annual Report 2017 42 SUSTAINABILITY@MISC MATERIALITY Following on from the identification of the material issues, workshops were conducted for each of the sustainability pillars, for the purpose of agreeing on and prioritising the material issues. The workshops served as a platform to formalise and prioritise material areas for MISC, as well as to derive action plans in order to address these areas. The outcome of these workshops was consolidated and culminated into the MISC Sustainability Strategy. There were a total of three workshops for each of the six pillars, with representation from identified key focal persons across the BUs, SUs and Subsidiaries within the Group. Representation from across the Group was encouraged to ensure all thoughts, views and concerns were represented and are consistent. This ensures that the strategy is not just unique to a specific unit/part of the organisation but is indeed relevant and applicable across the Group and safeguards against any misrepresentation upon completion of the strategy. There were a total of 18 workshops conducted across all sustainability pillars. In deriving MISC’s Sustainability Strategy, the work and processes conducted were indeed thorough, comprehensive and voluminous, to ensure an effective and efficient plan that is considerate of materiality, meaningful, substantial and relevant to the Group. The following table presents a summary of the overall process, from beginning until the final derivation and implementation of MISC Sustainability Strategy : STAGES STEPS DETAILS 1. Identification of Material Issues and Engaging Internal Stakeholders 1. Identifying material issues based on strategic elements • Consolidating findings from internal assessment, stakeholder engagement • Categorising material issues 2. Engaging internal stakeholders within the Group (First Workshop) • Workshop on sustainability • Sharing of material issues and findings derived from Step 1 • Sharing of best practices and examples from other organisations 2. Developing Action Plans 3. Agreement and prioritisation of material issues with internal stakeholders (Second Workshop) • Discussion with internal stakeholders to identify material issues based on sharing of findings • Stakeholders to brainstorm and identify potential solutions to address material issues 4. Development of Action Plans (Third Workshop) • Internal stakeholders to present proposed solutions and actions plans (short, medium, long-term) to address material issues, forming MISC’s Sustainability Strategy 5. Approval of MISC’s Sustainability Strategy • Presentation of MISC’s Sustainability Strategy to President/Group CEO and the Management Committee (MC) for approval and endorsement 3. Implementation of Sustainability Strategy 6. Implementation of MISC’s Sustainability Strategy • Derivation of measurable KPIs from MISC’s Sustainability Strategy – channelled back to relevant stakeholders/ departments • Inclusion of these KPIs into Scorecards 7. Reporting & Monitoring Strategy Implementation • Public reporting on the development of MISC’s Sustainability Strategy in MISC’s Sustainability Report • Monitoring of strategy implementation and performance